Fuming! - Capital One

SnowTiger

RodBell wrote: »

The letter is so prim and proper I was tugging my forelock and wringing my cap as I read it.

The arrangement was made around the August 2010 and were requesting a copy of the signed form (we're inc. a postal order in the envelope to cover return postage).

I feel this has not been completely explained fully to us, as if I was told that I would have been marked as default then we would of declined it straight away.

I'm confused.

If you weren't having financial difficulties, why did Capital One freeze interest charges and why were you on a payment plan?

RodBell

From what I can recall we wanted to clear our cards as quick as we could so we rang Virgin and they did it no fuss and we rang C.O. and they asked for an income and expenditure form. All we wanted to do was to clear them as quickly as possible incase the world took a turn for the worst.

sharpy2010

RodBell wrote: »

From what I can recall we wanted to clear our cards as quick as we could so we rang Virgin and they did it no fuss and we rang C.O. and they asked for an income and expenditure form. All we wanted to do was to clear them as quickly as possible incase the world took a turn for the worst.

Then surely you would set up a standing order from your own bank to send £xx of money to them, rather than phone the credit card company up and get them to do it?

I also don't see the need for signing some sort of form. There are no forms signed to set up a standing order.

Theres something you aren't telling us here I think.

Hooloovoo

RodBell wrote: »

From what I can recall we wanted to clear our cards as quick as we could so we rang Virgin and they did it no fuss and we rang C.O. and they asked for an income and expenditure form. All we wanted to do was to clear them as quickly as possible incase the world took a turn for the worst.

So you asked for a fixed monthly direct debit to be set up. That's fine. Quite common.

Did you at any point ask for the interest to be frozen, or did they just go ahead and do that?

SnowTiger

RodBell wrote: »

From what I can recall we wanted to clear our cards as quick as we could so we rang Virgin and they did it no fuss and we rang C.O. and they asked for an income and expenditure form. All we wanted to do was to clear them as quickly as possible incase the world took a turn for the worst.

You do that by paying off as much as you can on the card (every month).

Example: you receive your statement and it says the minimum payment is £100. If you have an extra £50 floating around that month you pay £150. You don't need to contact your your card provider about this and complete an income and expenditure form.

I can't understand why they froze the interest if the minimum payment was £20 but you were paying £50 or £100.

There seems to have been a miscommunication here.

exel1966

Either a very big miscommunication or you've missed out an awful lot of pertinent info to this saga or you've had previous payment problems or you told them this time you were having problems paying and they've reacted to it.

RodBell

I did say earlier the interest was frozen. Hindsight is often view with 20/20 vision but at the time it seemed like the smarter option to contact the card provider to try to sort out a better payment. This however has turned around to bite us it appears.

I feel the communication between us and Capital One has been misunderstood leading us to this situation (however not with Virgin).

Hopefully the letter correspondence will be more worth while than the phone calls.

Hooloovoo

RodBell wrote: »

I did say earlier the interest was frozen.

Yes, but did you ask for that, or more importantly, do you agree to it?

RodBell

We did agree to it, but I'm almost positive it was put to us to do this.

sharpy2010

If you agreed to it, then facts have been reported, and as for getting this removed from your credit report - forget it.